ndtv share price, Adani’s entry into NDTV’s board, shares gain rocket speed; ndtv share price hits upper circuit after adani group taks over news broadcaster company
Upper circuit in NDTV shares
Today, after this news, the shares of NDTV have taken an upper circuit. The stock rose 5 percent to Rs 446 and closed at Rs 425 on Tuesday. Interestingly, NDTV shares have gained 288 percent this year and 479 percent in one year. Not only this, the media stock has been on an upper circuit for the last four sessions and since Friday’s session, the stock has taken an upper circuit of 5 percent till now.
Adani Group close to acquisition of NDTV
Adani Group is now close to taking over the news channel company. RRPR was acquired by the Adani Group. RRPR had 29.18 percent stake in NDTV. Roy still holds a 32.26 percent promoter stake in NDTV and has not resigned from the news channel’s board. Prannoy Roy is the Chairman of NDTV and Radhika Roy is the Executive Director.
The company issued a statement
A statement issued by the company said that RRPRH has appointed Sudipta Bhattacharya, Sanjay Puglia, Senthil Chengalvaryan as the new directors on the board with immediate effect. Earlier in August, Vishwapradhan Commercial Private Limited (VCPL) had bought 99.5 percent stake in NDTV’s promoter company RRPR. VCPL is a subsidiary of AMG Media Networks Limited, in which Adani Enterprises Limited holds 100 percent stake.
Adani Group’s Open Offer
On August 23, Gautam Adani Group bought 29.18 percent stake in NDTV. Adani Group then announced to buy 26 percent additional shares of NDTV. For this, the Adani Group had submitted an open offer on November 22, which is open till December 5.
The Adani Group had announced the acquisition of Vishwapradhan Commercial Private Limited (VCPL) in August 2022. VCPL had given a loan of Rs 403.85 crore to the promoters of NDTV i.e. Prannoy Roy and Radhika Roy in 2009 and 2010. In lieu of this loan, the borrower had a provision to sell 29.18 per cent stake in NDTV at any time.
